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COMPANY REGISTRATION NUMBER: 01636923
K C GLASS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
K C GLASS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
14,792
24,263
CURRENT ASSETS
Stocks
267,132
679,000
Debtors
6
389,263
321,358
Cash at bank and in hand
709,501
284,814
------------
------------
1,365,896
1,285,172
CREDITORS: amounts falling due within one year
7
351,643
376,370
------------
------------
NET CURRENT ASSETS
1,014,253
908,802
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,029,045
933,065
CREDITORS: amounts falling due after more than one year
8
25,977
42,194
PROVISIONS
Taxation including deferred tax
3,920
4,610
------------
---------
NET ASSETS
999,148
886,261
------------
---------
CAPITAL AND RESERVES
Called up share capital
9
1,200
1,200
Profit and loss account
997,948
885,061
---------
---------
SHAREHOLDERS FUNDS
999,148
886,261
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K C GLASS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 11 December 2023 , and are signed on behalf of the board by:
M PAGE Director
Company registration number: 01636923
K C GLASS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 23, Wolverhampton Central Trading Estate, Cable Street, Wolverhampton, WV2 2RJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of income and retained earnings. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
The turnover shown in the profit and loss account represents amounts sold during the year. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Fixed assets
Fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer
-
20% straight line
Plant & machinery
-
20% straight line
Fixtures & fittings
-
10% straight line
Motor vehicles
-
25% straight line
Foreign currencies
Assets and liabilities denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of payment of each transaction. Exchange differences are taken into account in arriving at the operating profit.
Stocks
Stocks are valued at the lower of cost and estimated net realisable value. Cost is purchase price.
Hire purchase agreements
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The finance element of the total obligations is charged to the profit and loss account over the period of the contract. Operating lease agreements Assets held under operating leases are not capitalised; the rentals paid in respect of the year are charged to the profit and loss account.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The costs of providing pensions in respect of the company's defined contribution schemes are charged to the profit and loss account in the period to which they relate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. TANGIBLE ASSETS
Computer
Plant & machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
6,713
13,609
14,911
249,682
284,915
Additions
11,683
11,683
-------
--------
--------
---------
---------
At 31 May 2023
6,713
25,292
14,911
249,682
296,598
-------
--------
--------
---------
---------
Depreciation
At 1 June 2022
6,280
11,077
9,962
233,333
260,652
Charge for the year
433
3,181
1,491
16,049
21,154
-------
--------
--------
---------
---------
At 31 May 2023
6,713
14,258
11,453
249,382
281,806
-------
--------
--------
---------
---------
Carrying amount
At 31 May 2023
11,034
3,458
300
14,792
-------
--------
--------
---------
---------
At 31 May 2022
433
2,532
4,949
16,349
24,263
-------
--------
--------
---------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
389,263
277,358
Other debtors
44,000
---------
---------
389,263
321,358
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,127
9,660
Trade creditors
83,522
165,388
Corporation tax
37,028
47,301
Social security and other taxes
144,120
87,976
Other creditors
76,846
66,045
---------
---------
351,643
376,370
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,040
34,621
Other creditors
1,937
7,573
--------
--------
25,977
42,194
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £4,111) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,200
1,200
1,200
1,200
-------
-------
-------
-------